Finance
Which of the following loan types does NOT require a down payment from eligible borrowers?
AFHA loan
BConventional loan
CVA loan✓ Correct
DJumbo loan
Explanation
VA loans are available to eligible veterans and active-duty service members with no down payment required (100% financing), provided the purchase price does not exceed the appraised value. This is one of the most significant VA loan benefits.
Related Alabama Finance Questions
- Under the Truth in Lending Act (TILA), the APR disclosed to a borrower represents:
- Mortgage fraud is best characterized as:
- A 'due-on-sale clause' in a mortgage agreement means:
- A conventional mortgage loan is best described as a loan that is:
- Fannie Mae and Freddie Mac are:
- The secondary mortgage market is best described as:
- Private Mortgage Insurance (PMI) is typically required when a borrower's down payment is less than:
- A conventional loan in Alabama is one that is:
Practice More Alabama Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Alabama Quiz →